May 14, 2014 / 1:52 AM / 3 years ago

PRESS DIGEST - Hong Kong - May 14

HONG KONG, May 14 (Reuters) - These are some of the leading stories in Hong Kong newspapers on Wednesday. Reuters has not verified these stories and does not vouch for their accuracy.

SOUTH CHINA MORNING POST

-- Macau casinos will be handed a deadline to get rid of illegal China UnionPay mobile swipe card devices or face a crackdown on the city's multimillion-dollar illegal cash-transfer business, gaming insiders say. (link.reuters.com/xyn39v)

-- Wang Dongming, the chairman of Citic Securities , China's largest brokerage firm by market value, has been fined two months' salary after publicly reprimanding state-owned Industrial and Commercial Bank of China for racking up huge profits. (link.reuters.com/cap39v)

-- Last year's double-digit percentage growth in the number of mainland tourists had a limited impact on the Hong Kong hospitality industry. However, the decrease in their numbers this year poses a challenge to the business, hoteliers said. (link.reuters.com/dap39v)

THE STANDARD

-- Upgraders who buy partially built property could soon have up to three years to sell their old homes to enjoy the double stamp duty rebate, which might help boost developers' sales, according to a proposed amendment scheme presented by the government. (link.reuters.com/fap39v)

-- Declining demand and use of the mainland currency in Hong Kong has prompted China Construction Bank (Asia) and Wing Hang Bank to boost the maximum interest they offer on yuan time deposits. (link.reuters.com/gap39v)

-- Hysan Development said first-quarter sales at shops in Lee Gardens, Hysan Place and the Lee Theatre rose 20 percent from a year back, beating the 4 percent growth of the entire retail sector in the period. (link.reuters.com/hap39v)

HONG KONG ECONOMIC JOURNAL

-- Footwear distributor S. Culture International Holdings Ltd expects slower retail sales growth in the second quarter of 2014 compared to a 27 percent same-store sales growth in the first quarter, according to senior management.

HONG KONG ECONOMIC TIMES

-- The relaxation of double stamp duty is set to ease burden of home upgraders, said Swire Properties Chief Executive Officer Martin Cubbon, adding the cooling measure is set to stay until the market sees an increase in supply and as interest rate goes up.

MING PAO DAILY NEWS

-- Mainland railway equipment manufacturer China CNR Corp Ltd plans to issue 1.82 billion H shares in an initial public offering in Hong Kong, raising up to HK$11.3 billion ($1.46 billion).

For Chinese newspapers, see............... ($1 = 7.7517 Hong Kong Dollars) (Reporting by Donny Kwok; Editing by Subhranshu Sahu)

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